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Income Tax (Bearer Debentures) Act 1971

Authoritative Version
Act No. 55 of 1971 as amended, taking into account amendments up to Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Act 2014
An Act to impose Income Tax upon Interest paid or credited by Companies in respect of certain Debentures
Administered by: Treasury
Registered 09 Jul 2014
Start Date 25 Jun 2014
Table of contents.

Description: Commonwealth Coat of Arms

Income Tax (Bearer Debentures) Act 1971

Act No. 55 of 1971 as amended

Compilation start date:                     25 June 2014

Includes amendments up to:            Act No. 43, 2014

 

About this compilation

This compilation

This is a compilation of the Income Tax (Bearer Debentures) Act 1971 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 2 July 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Interpretation....................................................................................... 1

4............ Incorporation....................................................................................... 1

5............ Imposition of tax................................................................................. 1

6............ Rate of tax........................................................................................... 1

7............ Temporary budget repair levy............................................................. 2

Endnote 1—About the endnotes                                                                              3

Endnote 2—Abbreviation key                                                                                  5

Endnote 3—Legislation history                                                                               6

Endnote 4—Amendment history                                                                             7

Endnote 5—Uncommenced amendments [none]                                            8

Endnote 6—Modifications [none]                                                                           8

Endnote 7—Misdescribed amendments [none]                                               8

Endnote 8—Miscellaneous [none]                                                                          8


An Act to impose Income Tax upon Interest paid or credited by Companies in respect of certain Debentures

 

 

1  Short title

                   This Act may be cited as the Income Tax (Bearer Debentures) Act 1971.

2  Commencement

                   This Act shall come into operation on the day on which it receives the Royal Assent.

3  Interpretation

                   In this Act, the Assessment Act means the Income Tax Assessment Act 1936‑1971.

4  Incorporation

                   The Assessment Act is incorporated and shall be read as one with this Act.

5  Imposition of tax

                   The tax known as income tax, to the extent that it is payable in accordance with section 126 of the Assessment Act, is imposed, and shall be levied and paid, upon interest to which that section applies.

6  Rate of tax

                   The rate of tax imposed by this Act on an amount of interest is 45%.

7  Temporary budget repair levy

             (1)  This section applies to amounts of interest paid or credited in a temporary budget repair levy year.

             (2)  Increase the rate of tax mentioned in section 6 by 2 percentage points.

             (3)  In this section:

temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.


Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

 

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

 

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

 

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

 

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

 

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

 

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

 

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

 

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

 

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

 

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

pres = present

am = amended

prev = previous

c = clause(s)

(prev) = previously

Ch = Chapter(s)

Pt = Part(s)

def = definition(s)

r = regulation(s)/rule(s)

Dict = Dictionary

Reg = Regulation/Regulations

disallowed = disallowed by Parliament

reloc = relocated

Div = Division(s)

renum = renumbered

exp = expired or ceased to have effect

rep = repealed

hdg = heading(s)

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

mod = modified/modification

Sdiv = Subdivision(s)

No = Number(s)

SLI = Select Legislative Instrument

o = order(s)

SR = Statutory Rules

Ord = Ordinance

Sub‑Ch = Sub‑Chapter(s)

orig = original

SubPt = Subpart(s)

par = paragraph(s)/subparagraph(s)

/sub‑subparagraph(s)

 

 

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Income Tax (Bearer Debentures) Act 1971

55, 1971

25 May 1971

25 May 1971

 

Income Tax (Bearer Debentures) Act 1974

128, 1974

6 Dec 1974

6 Dec 1974

Income Tax (Bearer Debentures) Amendment Act 1983

107, 1983

23 Nov 1983

23 Nov 1983

Taxation Laws (Miscellaneous Provisions) Act 1986

109, 1986

4 Nov 1986

4 Nov 1986

Taxation Laws Amendment (Rates and Rebates) Act 1989

70, 1989

21 June 1989

21 June 1989

s. 6

Taxation Laws Amendment Act (No. 2) 1997

95, 1997

30 June 1997

Schedule 5 (item10): (a)

Sch. 5 (item 11) [see Table A]

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006

55, 2006

19 June 2006

Schedule 1 (items 6, 32(2)): 1 July 2006

Sch. 1 (item 32(2)) [see Table A]

Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Act 2014

43, 2014

25 June 2014

Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent

 

Endnote 4—Amendment history

 

Provision affected

How affected

s. 6........................................

am. No. 128, 1974; No. 107, 1983; No. 109, 1986; No. 70, 1989

 

rs. No. 95, 1997

 

am. No. 55, 2006

s7..........................................

ad No 43, 2014

 

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]